Canada Life sells £2.7bn closed book to Scottish Friendly

Jenna Towler
clock • 2 min read

155,000 long-standing policies worth £2.7bn from closed book of business sold to Scottish Friendly as Canada Life focuses on annuity market

The policies being offloaded have largely been closed to new business since 2003 and are made up of life and pensions savings policies, along with some protection policies all written in the UK, the firm said. The terms of the deal were not disclosed. Canada Life Investments will continue to manage a large portion of the transferred unit-linked assets. The company said the deal was subject to the "satisfactory completion of certain conditions including court sanction".            Canada Life acquired annuity and retirement income specialist Retirement Advantage in January this year...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Insurer

30% increase for RedArc bereavement support

30% increase for RedArc bereavement support

Counselling appropriate in 42% of cases

Cameron Roberts
clock 02 December 2024 • 2 min read
The COVER Review: Provider updates, Get Britain Working and FCA in hot water

The COVER Review: Provider updates, Get Britain Working and FCA in hot water

Week commencing 25 November 2024

COVER
clock 29 November 2024 • 1 min read
Women's health in crisis: Vitality

Women's health in crisis: Vitality

Less that 25% of women hit exercise targ

Cameron Roberts
clock 28 November 2024 • 2 min read